Al Sagr’s rights subscription period ends today

Logo of Al Sagr Cooperative Insurance Co.

Al Sagr Cooperative Insurance Co.’s rights subscription period ends today, July 14.

The subscription period started on July 2, to increase the company’s capital by SAR 160 million. The rights trading period concluded on July 9.

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Al Sagr offered 16 million shares at SAR 10 each, totaling SAR 160 million, to increase capital by 114.29%. The post-increase capital will reach SAR 300 million, divided into 30 million shares.

The company will use the offering proceeds to support its operations, enhance solvency margin, and meet the solvency margin requirements set by the Saudi Central Bank on insurance companies operating in Saudi Arabia.

In addition, Al Sagr will increase regulatory deposits, invest in debt instruments, boost bank deposits, and replace the technical system for insurance and financial operations.